JD Sports Fashion, the U.K. retailer, has agreed to acquire the Irish store chain Champion. JD Sports also agreed to advance €17.1 million ($23.4 mm) as a secured loan to allow Champion's outstanding debts to be settled.


Founded in 1992, Champion Sports has 22 stores in the Republic of Ireland. Prior to this acquisition, JD only had eight stores in the Republic. Champion's management, led by CEO John Quinn, will be retained.


For the year ended Dec. 31, Champion had a sales of €54.0 million ($74mm), an operating loss of €1.8 million ($2.5mm), and gross assets of €36.2 million ($49.6mm). Champion Sports has been hurt in recent years by the decline in the Irish economy and an inflexible fixed property cost base that JD Sports intends to continue to address.